Conveyancing – Part 2
We’ve talked about several preliminary steps of conveyancing required when you purchase a property. These steps are designed to protect your interests; when done properly, you can avoid the risks of buying a bad property or dealing with future legal problems. Once the preliminary steps are completed, you can continue with the next steps of conveyancing.
It is essentially important for your solicitor to make sure all your interests are protected. He will apply to local council for local searches, checks the title, contract and papers, and raises queries with the seller or seller’s solicitor regarding possible issues. For example, it is your solicitor’s duty to check whether the seller really owns the property and has the right to sell it.
Once all checks are completed, both parties can start negotiating a contract. The contract must be agreed by both parties and a completion date must be set. Normally, the solicitor will arrange for the completion date to be set in two weeks after the contract is agreed, although the time can be shorter or longer.
If you are financing the purchase using a mortgage loan, now is the time to get a formal mortgage offer. by signing the mortgage offer, you are agreeing on the terms offered by your lender and the mortgage will be approved right away.
Even after all these steps, there are still more steps to take before you own the property legally. However, your solicitor will do all the hard work for you once the necessary papers are in order.